Hello BTC traders and hodlers,
Looking the BTC weekly chart you can clearly see an inverted head and shoulders pattern has formed. If BTC can get a close above the neckline and hopefully retest it for support we are looking at a target of roughly 77k. Remember the pattern isn't validated until we break out and close above the neckline. There should also be strong volume confirming the break above the neckline. I am bullish but neutral on this trade until the pattern has been confirmed.
This is not trading or financial advise and should only be used for education purposes. I am not a financial advisor.
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Break out close above roughly 51-52k depending on week of close.
Target: between 70k-77k
I would also like to point out the possibility of a rejection here. You can also see that the weekly resistance line from the ATH coincides with the neckline and the bears may defend this strongly as a breakout here could be huge for the bulls.
Looking the BTC weekly chart you can clearly see an inverted head and shoulders pattern has formed. If BTC can get a close above the neckline and hopefully retest it for support we are looking at a target of roughly 77k. Remember the pattern isn't validated until we break out and close above the neckline. There should also be strong volume confirming the break above the neckline. I am bullish but neutral on this trade until the pattern has been confirmed.
This is not trading or financial advise and should only be used for education purposes. I am not a financial advisor.
If you enjoy the content please like and subscribe/follow.
Break out close above roughly 51-52k depending on week of close.
Target: between 70k-77k
I would also like to point out the possibility of a rejection here. You can also see that the weekly resistance line from the ATH coincides with the neckline and the bears may defend this strongly as a breakout here could be huge for the bulls.